We are now 5 weeks away from the Chinese National Holiday known as Golden Week, and with a resulting sharp drop-off in demand, carriers resort to blank sailings to manage supply. This year however, the carriers have so far not announced any significant capacity reductions. Looking at the current combined Transpacific capacity reductions for the 4-week Golden Week period (counted as Golden Week plus the following 3 weeks), carriers have scheduled capacity reduction of only 3.0%, compared to a 12.4% reduction in 2019, and the 2017-2019 average of 10.0%. If we look at it individually, 3.7% is scheduled to be taken out on Asia-North America West Coast and 2.2% on Asia-North America East Coast; both figures are the lowest when compared to the pre-pandemic years. (....)